Bank National Association, as trustee, paying agent, registrar, authentication agent and transfer agent (with Wilmington Trust, National Association as successor trustee
, paying agent, registrar, authentication agent and transfer agent), and Deutsche Bank Trust Company Americas, as collateral agent, governing iHeartCommunications' 9.
Citing a lack of specific intent and the absence of geographical limitations on successor trustees
, the Delaware court had no difficulty determining that the settlor of each trust did not intend for the choice-of-law provision to remain in effect permanently.
See In re Estate of Fedor, 356 NJ Super 218, 221, 811 A2d 970, 972 (2001) ("when the office of trustee passes from one person to another, the power to assert the attorney-client privilege passes as well"); Moeller v Superior Court, 16 Cal 4th 1124, 1131, 947 P2d 279 (1997) ("when a successor trustee
takes office it assumes all of the powers of trustee, including the power to assert the privilege with respect to confidential communications between a predecessor trustee and an attorney on matters of trust administration").
13) Immediately following the 1984 redemption, Sumner resigned as trustee of the Ruth Ann Trust and appointed DeGiacomo as successor trustee
of the Ruth Ann trust and co-trustee of the Michael trust.
Name of institution that will be alternate successor trustee
For setting up a trust, you'll name the trustee and successor trustee
For that reason, it is important that neither spouse be named as the trustee or successor trustee
of the trust in order to avoid the problem of having the trust property included in the grantors' estates (see second question and answer below).
In January of 1989, she amended her trust to indicate her change in residence to Wisconsin; changed the co-trustee and named a successor trustee
to M & I; First National Bank, West Bend, Wisconsin; added a number of specific bequests; and changed the description of the residuary gift to include the name of her husband's first wife.
That person's partner can then be listed as the successor trustee
, who will assume control of the trust and all the assets in it in the event of incapacity or death.
They were transferred to a successor trustee
in August 1997.
With a self-administered revocable living trust, it's very important to designate a successor trustee
in the event of death or incapacitation.
Control of the assets passes to persons or organizations identified in the trust document as the successor trustee
or trustees -- and this change of control is instantaneous, rather than gradual.